1. Calculate the whole units. 2. Calculate the equivalent units with respect to material and conversion costs. 3. Calculate the cost per equivalent unit for materials and for conversion. 4. Calculate the total amount that the accountant would credit out of work in process welding for the month. 5. Prepare the journal entry to show the costs moving from the work in process welding account into the work in process track account: 6. Calculate the ending balance in the work in process welding account. **Instruction for Users:**Please refer to the following information while answering the next few questions related to the Welding Department WIP Account of the BNSF line. Upon completion in the Welding Department, costs proceed to the next WIP department, Track Installation. Note that all materials enter the process at the start of the production cycle.---**Work In Process – Welding**- **Beginning Balance:** 9,000 Units, 40% complete, $72,360- **Direct Materials:** 40,000 units at $6.80 per unit, totaling $272,000- **Direct Labor:** $80,000- **Factory Overhead:** $40,450- **Balance for ?? units, 30% complete:** Amount unknown (???)- **Transfer to Track WIP Department:** 41,500 Units, Cost unknown ($??)---This table provides a detailed cost breakdown for the Welding Department, specifying units, percentage completion, and associated monetary values for various components like materials, labor, and overhead.

Answered: . Calculate the whole units. 2.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Calculate the whole units. 2. Calculate the equivalent units with respect to material and conversion costs. 3. Calculate the cost per equivalent unit for materials and for conversion. 4. Calculate the total amount that the accountant would credit out of work in process welding for the month. 5. Prepare the journal entry to show the costs moving from the work in process welding account into the work in process track account: 6. Calculate the ending balance in the work in process welding account.

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Process Costing-

Process accounting is a technique which is adopted by manufacturing firms in which a product passes through various processes. It is suitable for those businesses that are engaged in production on large scale basis.